Why Post Keynesianism Is Not Yet a Science
17 Pages Posted: 30 Nov 2011 Last revised: 14 Jun 2015
Date Written: November 30, 2011
In a programmatic article Alfred Eichner explained, from a Post Keynesian perspective, why neoclassical economics is not yet a science. This was some time ago and one would expect that Post Keynesianism, with a heightened awareness of scientific standards, has done much better than alternative approaches in the meantime. There is wide agreement that this is not the case. Explanations, though, differ widely. The present – strictly formal – inquiry identifies an elementary logical flaw. This strengthens the argument that the Post Keynesian motto ‘it is better to be roughly right than precisely wrong!’ is methodologically indefensible.
Keywords: new framework of concepts, structure-centric, axiom set, consistency, Post Keynesian hard core, logical rigor, loose verbal reasoning, hypothetico-deductive method, profit, retained profit, saving, general complementarity, IS-fallacy
JEL Classification: B22, B41, E12
Suggested Citation: Suggested Citation